Vinod's Blog
Random musings from a libertarian, tech geek...
Monday, December 11, 2006 - 12:18 PM Permanent link for Why Some Are Suspicious of Markets
Why Some Are Suspicious of Markets

2 great paragraphs that beautifully highlight the consternation some have when it comes to the role of markets.   First, on the power of market oriented production -

Much of what is wrong with popular attitudes to capitalism comes down to one thing: a lack of wonder at what uncoordinated markets can achieve. Going to a grocery store for the hundredth or thousandth time is a pretty humdrum experience. As a rule it isn't going to elicit much of an intellectual response -- though if it does, the response might be one of two kinds. The commentator Robert Kuttner once wrote of his dismay at the great number of breakfast cereals on offer in his local grocery. What a waste, was his point; who could possibly need all these different cereals? Can't we arrange things more intelligently? This is a leftist kind of response: "Put somebody sensible in charge and plan things better." The liberal response (in the proper sense of "liberal") is different: "How amazing that all these choices are available, so that every taste is catered to, and it's all so cheap."

And second, the relationship between commerce and Freedom -

Freedoms that express themselves through market relations -- the freedom to buy and sell -- are widely regarded as ethically compromised. This is the freedom to gratify one's greed, to exploit others, to con and be conned, where the market is a jungle, a war of all against all. There is a germ of truth in all that, of course, enough to lend it plausibility. But it misses the larger truth, of the market as an astoundingly productive system of voluntary cooperation, in which people of myriad beliefs, loyalties, and faiths can engage with others, freely, and to their enormous mutual benefit.


Permanent link for Why Some Are Suspicious of Markets   Comments [ ] :: Main :: Archives